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Thursday , June 22 2017
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Belgium consumer confidence index falls in June

decreases

BRUSSELS: Belgium’s consumer confidence index fell in June as households became less confident about the labour market and their ability to save, the central bank said on Tuesday. The index dropped to -2 points in June from zero in May. June 2017 May 2017 June 2016 Belgian economy 4 3 -11 Unemployment 8 6 12 Household finances -1 -1 -2 ... Read More »

Belgian government refuses to end tax avoidance mechanism

tax avoidance

BRUSSELS: The Belgian Minister for Finance, Johan Van Overtveldt (New Flemish Alliance), is refusing to tackle so-called “hybrid mechanisms”. These tax-efficient structures are frequently used by multi-nationals. The measure now comprises part of series of proposals within a multilateral agreement, instigated by the Organisation for Economic Cooperation and Development (OECD). Belgium has expressed reservations about this. De Standaard reported that ... Read More »

Belgian polished diamond exports edge up in May, down in Jan-May

polished diamonds

BRUSSELS: Belgium’s polished diamond exports edged up 1.4 percent on the year to $1.12 billion in May, the Antwerp World Diamond Centre (AWDC) reported. However polished exports in the first five months of this year were down 8.7 percent to almost $5.01 billion Meanwhile, exports of rough stones were down 2.9 percent to $1.24 billion in May. For the January-May ... Read More »

Port of Antwerp sets new record with arrival of the Madrid Maersk

port of antwerp

ANTWERP: A new record was set in the Deurganck dock in the port of Antwerp Friday morning, June 9, when the Madrid Maersk moored there for the first time. With a length of 399 metres and a capacity of 20,568 TEU it is the largest container ship ever to call at the port. The Madrid Maersk will remain in Antwerp ... Read More »

Belgian court unfreezes Russian assets in Yukos case

court

BRUSSELS: A court of first instance in Brussels has ruled that Russian assets in Belgium—frozen at the request of former Yukos shareholders as part of their legal battle against Russia—be unfrozen, the General Director of the International Legal Protection Center, Andrey Kondakov, told Russian news agency TASS. The Brussels court also removed the block on accounts of the news agencies ... Read More »

Increasing freight flows between Antwerp and Germany

port of antwerp

ANTWERP: 68.1 million tonnes of cargo were transported between the seaport of Antwerp and Germany during 2016. This represents growth of approx. 4 million tonnes or 6.1 percent compared to the previous year. Thus Europe’s second-largest seaport is continuing its growth course as an important hub for German industry. While truck traffic rose by 4.3 percent in terms of tonnage, ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.38%

stocks lower

BRUSSELS: Belgium stocks were lower after the close on Monday, as losses in the Consumer Services, Healthcare and Basic Materials sectors led shares lower. At the close in Brussels, the BEL 20 lost 0.38%. The best performers of the session on the BEL 20 were KBC (BR:KBC), which rose 0.38% or 0.250 points to trade at 66.350 at the close. ... Read More »

Volvo Ships Cars to Belgium via Revived “Silk Road”

VOLVO

BRUSSELS: Volvo becomes the world’s first automaker to export Chinese-built cars to Europe by train using China’s new “Silk Road.” The first S90 premium sedans, constructed at Volvo’s Daqing plant, arrive this week at a distribution center in Zeebrugge, Belgium. Cars have been transported to Belgium via the recently opened China-Europe railway link which reduces vehicle transit times to Europe ... Read More »

Belgian federal government will not implement the BNB’s recommendations for mortgage loans

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BRUSSELS: The Federal Government will not implement the recommendations of the National Bank (NBB) on mortgage loans, local media reported. The latter recommended that banks should strengthen their own funds when granting mortgages for more than 80% of the value of properties. The idea has aroused a lot of political emotion in recent weeks, the Walloon government fearing a decision ... Read More »

Belgium stocks continue to slip; BEL 20 down 0.07%

low growth rate

BRUSSELS: Belgium stocks were lower after the close on Tuesday, as losses in the Telecoms, Consumer Goods and Financials sectors led shares lower. At the close in Brussels, the BEL 20 fell 0.07%. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.39% or 1.47 points to trade at 63.06 at the close. Meanwhile, ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.19%

belgium

BRUSSELS: Belgium stocks were lower after the close on Monday, as losses in the Telecoms, Consumer Goods and Financials sectors led shares lower. At the close in Brussels, the BEL 20 lost 0.19%. The best performers of the session on the BEL 20 were Ageas (BR:AGES), which rose 2.03% or 0.720 points to trade at 36.275 at the close. Meanwhile, ... Read More »

Belgian customs seizes 90 million cigarettes in the port of Antwerp

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BRUSSELS: Belgian customs officers seized nearly 90 million cigarettes in the port of Antwerp last week – one of the largest ever in the port. The shipment came from the Egyptian port of Said and was destined for a company in the Netherlands, local media reports. Belgian Minister of Finance Johan van Overtveldt congratulated all involved in this record bust. ... Read More »

Belgium stocks lower at close of trade; BEL 20 down 0.31%

stock exchange lower at closing

BRUSSELS: Belgium stocks were lower after the close on Wednesday, as losses in the Healthcare, Utilities and Basic Materials sectors led shares lower. At the close in Brussels, the BEL 20 lost 0.31%. The best performers of the session on the BEL 20 were Aperam SA (AS:APAM), which rose 2.17% or 0.94 points to trade at 43.99 at the close. ... Read More »

Belgium to return to a growth rate of 2 to 2.5%: Governor BNB

growth in exports

BRUSSELS: The Governor of the National Bank of Belgium (the “BNB”), Jan Smets, considers that the Belgian economy is now on the right road. The Governor considers, “Belgium’s recovery partly reflects the recovery with the eurozone. Certainly, this is not spectacular,” being around 1.5%. He does, however, think that a return to growth levels of 2 to 2.5%, “levels which ... Read More »

Belgium fairness tax system violates EU law, court rules

138-day-Tax-rule-660x330

BRUSSELS: Belgium’s fairness tax system is incompatible with EU freedom of establishment concepts and the parent-subsidiary directive, the Court of Justice of the European Union (ECJ) ruled in a 17 May decision (Case C-68/15). Belgium’s fairness tax legislation provides a separate assessment from the corporation tax and the non-residents’ tax. The tax applies where, for the same tax period, dividends ... Read More »

Fines imposed by Belgian Authority for infrabel public contract

irdai-imposes-rs-16-lakh-fine-on-idbi-federal-life-insurance

BRUSSELS: On 3 May 2017, the Investigation and Prosecution Service of the Belgian Competition Authority imposed a total fine of 1.8 million euros for a cartel between five companies relating to a public procurement organized by Infrabel. The five companies are ABB, Siemens, AEG, Sécheron and Schneider. The investigation was launched in 2013 following a leniency application lodged by ABB. ... Read More »

Belgian finance minister warns EU to change or die

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BRUSSELS: Brexit has “shattered” the principle of ever closer union in the EU, according to the Belgian finance minister, who warned that the bloc had to transform itself to survive. Johan Van Overtveldt said there was “clearly a problem” with the European Union, as he called for a quick, comprehensive trade deal with the UK and warned that punishing Britain ... Read More »

Belgian health cluster BioWin received $25.8m for innovation in 2016

biowin

BRUSSELS: BioWin, a health cluster based in Wallonia, Belgium, has released data saying 2016 was a record year for investment in R&D projects, with €24.3 million ($25.8M) funding for eight projects, including €7 million ($7.4M) in private investment. The total budget allocation for these projects is the highest since the cluster was founded in 2006. These projects fall within the ... Read More »

New Swiss company tax reform plan well received in Brussels

Swiss Federal Council Approves WHT Reforms

BERN/BRUSSELS: The Swiss government’s company tax reform plans have been reborn after the last plan met with defeat in a popular vote on 12 February 2017. The new plan, dubbed “Tax proposal 17”, aims to avoid issues that bedeviled the last project. Last time many were concerned by the potential financial impact of lower company tax rates, and the proposal ... Read More »

Belgium stocks higher at close of trade; BEL 20 up 0.03%

stocks higher

BRUSSELS: Belgium stocks were higher after the close on Wednesday, as gains in the Healthcare, Consumer Services and Basic Materials sectors led shares higher. At the close in Brussels, the BEL 20 gained 0.03% to hit a new 52-week high. The best performers of the session on the BEL 20 were UCB (BR:UCB), which rose 2.79% or 1.98 points to ... Read More »